Hungary: Update on KELER’s system replacement:Test & Implementation Schedules

UniCredit Bank Hungary Zrt.
Following the announcement of the postponement of the implementation date of KELER’s new system (BaNCS) to 21 November 2016, KELER has published a revised roadmap on the implementation and testing schedules of BaNCS and T2S.
Mon, 12/09/2016

As previously announced, the date for the implementation of KELER’s new system (BaNCS ) has been postponed to 21 November 2016. As a result of this, KELER has published an information bulletin mentioning the revised implementation schedule for BaNCS and the testing agenda for BaNCS and T2S.

13 September 2016 - 14 October 2016

  • System Stabilisation and Internal Tests at KELER

During this period, KELER will correct the errors identified by the market participants during the previous market tests and solve the operational issues occurred. Afterwards, internal re-tests of the impacted functions will be performed by KELER.

19 September 2016 – 07 October 2016 & 12 October 2016 – 14 October 2016

  • Open Test Period - T2S & Domestic functions available 

During the above mentioned periods, both T2S and domestic functionalities can be tested by the market participants. This will be an end-to-end test of T2S functions with the involvement of the market participants. Additionally, each participant will be able to test its own readiness and that of the central securities depository in terms of operation in the T2S environment.

In order to support T2S client tests, KELER opened a T2S EUR cash account (Dedicated Cash Account – DCA) with Societe Generale Securities Services (SGSS) as a T2S Payment Bank to execute the cash leg of T2S settlements.

10 October 2016 - 11 October 2016

  • Test Migration Validation

Prior to the live migration, a test will take place based on the specific requests of the market participants. During these two days, both reference data and pending transactions will be migrated and market participants will be able to test the migration results by submitting instructions for the migrated pending transactions.

17 October 2016 – 21 October 2016

  • Market Test

Before the opening of the market test period, KELER will consult with the Beta Testing Group as advisory body to evaluate the readiness of the system based on KELER’s internal test results and the optional tests performed by the members of this working group. The actual launch of the market test period will be based on the outcome of this consultation.

During the market test, all market participants shall take part in the testing.

22 October 2016

  • Code Freeze for BaNCS

After the completion of the market test, the Code Freeze will be initiated for BaNCS after which no software changes can be performed for the system until the go live date.

02 November 2016, 07 November 2016 & 14 November 2016

  • Migration Validation for Go Live – 3 phases

Prior to BaNCS go live date, all data will be migrated to the new system on three different occasions. During this period, no instructions can be initiated.

24 October 2016 & 16 December 2016

  • Open Test Period - T2S & Domestic functions available 

After the Code Freeze, the test environment will be available once again for performing tests on both T2S and domestic functionalities. This test environment will also be accessible for market participants after BaNCS implementation.

During this period, besides instructions placed by the market participants, coordinated tests will be conducted for CSD initiated transactions.  Also, there will be certification tests when market participants will need to successfully test certain basic transactions triggering T2S settlements.

19 November 2016 – 20 November 2016

  • Go Live Weekend

The exact schedule for the go-live weekend will be published by KELER in due course.

21 November 2016

  • Go Live Date of BaNCS

02 January 2017 – 20 January 2017

  • Simulation Test for T2S

Simulation of the normal T2S business day operation prior to migration. This is an optional test for the market; all market participants can take part in the simulation of the T2S Business Day Test with parameters and account structure settings similar to the live version of the T2S.

Impact on investors: The testing and implementation schedules for BaNCS and T2S have been adjusted according to the new go-live date (21 November 2016) of KELER’s new system. Thus, after KELER’s correcting the defects detected by the market participants (direct clients of KELER) at earlier testing, along with the testing for T2S, the clients of KELER can perform further testing and re-testing prior to BaNCS’ go live date.